Camelot, a decentralized exchange (DEX) on the Arbitrum network, has achieved impressive growth in just the first three months of the year.
According to on-chain data, the platform has set new records, building on its previous success. As of last week, the total value locked (TVL) on Camelot had increased by more than 50%, at times reaching almost $100 million USD. This DEX has been gaining attention for its overall activity on Arbitrum, particularly as its layer-2 solution is set to airdrop its token, ARB, on March 23rd, as reported by AZCoin News.
Camelot’s 24-hour trading volume has temporarily set a new all-time high (ATH) at $47.36 million USD, making it the third-largest decentralized trading solution on Arbitrum. Furthermore, Camelot has also made it onto the top 10 list of platforms with the most users on Arbitrum, according to Nansen.
The number of users and trades on the platform has increased by 19% and 42% respectively in the past week, according to Nansen. GRAIL, one of the tokens listed on Camelot, has experienced a 120% increase in price over the last seven days.
This growth comes just after Arbitrum created a media storm with its airdrop announcement, leading many to expect Camelot’s usage to be among the criteria for earning an airdrop or retroactive reward. Currently, wETH, USDC, and GRAIL are the three tokens with the highest liquidity on Camelot, accounting for 64% of TVL, according to the platform’s analytics page.
In summary, Camelot’s performance on the Arbitrum network has been impressive, with on-chain data confirming its growth. As the platform prepares for its ARB token airdrop, its position among the largest decentralized trading solutions on Arbitrum is set to grow even stronger.
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